Company Registration No. 11226487 (England and Wales)
BEAM SWEEPERS UK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
BEAM SWEEPERS UK LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
BEAM SWEEPERS UK LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BEAM SWEEPERS UK LTD FOR THE YEAR ENDED 31 MAY 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Beam Sweepers Uk Ltd for the year ended 31 May 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Beam Sweepers Uk Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Beam Sweepers Uk Ltd and state those matters that we have agreed to state to the Board of Directors of Beam Sweepers Uk Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Beam Sweepers Uk Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Beam Sweepers Uk Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Beam Sweepers Uk Ltd. You consider that Beam Sweepers Uk Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Beam Sweepers Uk Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
20 October 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
BEAM SWEEPERS UK LTD
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
583,660
138,325
Current assets
Debtors
4
269,595
345,893
Cash at bank and in hand
109,796
908
379,391
346,801
Creditors: amounts falling due within one year
5
(118,881)
(190,548)
Net current assets
260,510
156,253
Total assets less current liabilities
844,170
294,578
Creditors: amounts falling due after more than one year
6
(68,750)
(152,973)
Provisions for liabilities
8
(239,603)
Net assets
535,818
141,605
Capital and reserves
Called up share capital
9
100
100
Revaluation reserve
10
504,753
Profit and loss reserves
30,965
141,505
Total equity
535,818
141,605
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BEAM SWEEPERS UK LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023
31 May 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 20 October 2023.
Mr S A Kelly
Director
Company Registration No. 11226487
BEAM SWEEPERS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
1
Accounting policies
Company information
Beam Sweepers Uk Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2a Dunstall Court, Astwood Lane, Feckenham, Redditch, Worcestershire, B96 6QH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BEAM SWEEPERS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).
BEAM SWEEPERS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
3
Tangible fixed assets
Plant and equipment
£
Cost or valuation
At 1 June 2022
1,533,760
Additions
77,830
Disposals
(353,779)
Revaluation
(674,151)
At 31 May 2023
583,660
Depreciation and impairment
At 1 June 2022
1,395,435
Depreciation charged in the year
31,114
Eliminated in respect of disposals
(247,645)
Revaluation
(1,178,904)
At 31 May 2023
-
Carrying amount
At 31 May 2023
583,660
At 31 May 2022
138,325
Assets with a carrying amount of £78,907 were revalued at 31st May 2023 by MGR Appraisals Management Ltd, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2023
2022
£
£
Cost
1,257,811
1,533,760
Accumulated depreciation
(1,178,904)
(1,395,435)
Carrying value
78,907
138,325
The revaluation surplus is disclosed in note 10.
BEAM SWEEPERS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
63,850
136,668
Amounts owed by group undertakings
122,480
Other debtors
205,745
86,745
269,595
345,893
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
37,500
37,500
Trade creditors
7,218
6,231
Taxation and social security
72,308
481
Other creditors
1,855
146,336
118,881
190,548
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
68,750
106,250
Other creditors
46,723
68,750
152,973
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
-
191,509
Bank loans
106,250
143,750
106,250
335,259
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
BEAM SWEEPERS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
239,603
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
10
Revaluation reserve
2023
2022
£
£
At the beginning of the year
Revaluation surplus arising in the year
504,753
At the end of the year
504,753
11
Ultimate controlling party
The ultimate controlling party is Mr S A Kelly.